Bankruptcy affects many aspects of your financial life, including your income taxes. This means that working with your tax preparer as a team before and during bankruptcy is a must. Here are a few reasons to talk to your tax preparer about any bankruptcy plans. 1. You Must File Old Returns If you aren't up to date on all your current and prior year taxes, now is the time to get current.
16 March 2021
As a small business owner, you have to play a lot of different roles, and when you're busy managing a team, finding new clients, perfecting your offerings, and handling everything else, bookkeeping can fall by the wayside. Unfortunately, if you don't devote some time to bookkeeping, you may arrive at tax time and not know what your deductions are, but luckily, there are steps you can take to mitigate this issue.
9 March 2021
Whether big or small, you are required to pay taxes. Taxes play a significant role when it comes to government activities, such as government-sponsored projects. As a result, everyone enjoys better schools and hospital facilities. Despite all these advantages, taxes can significantly reduce your company's profit, especially if you don't understand the tax laws. Fortunately, tax planning services can help reduce the amount payable. Keep in mind that understanding laws can help lower your tax, so you don't have to break the law to reduce the tax burden.
18 February 2021
If you make an income, you are going to have to pay taxes. Tax season is just starting, which means it is time to sit down and make sure you are taking the necessary steps to reduce your tax bill. You need to pay your taxes, but there is no reason for you to overpay your taxes. 1. Contribute to Your 401(k) If you want to lower your tax bills, you need to make sure you contribute to your 401(k).
26 January 2021
Do you need to appear before an agent of the IRS? The prospect is disconcerting even for the calmest taxpayer. One of the biggest aids you can get at this time is someone to represent you when you have to work in person (or even through other communication) with the IRS. The question is, who should be that representation? Here are a few choices and what may affect your decision to have them represent you.
18 January 2021
With nearly one-third of the American workforce currently classified as "self-employed," many newly independent contractors find themselves feeling stressed about the upcoming tax season. If this is your first time filing taxes as a self-employed individual, you might be wondering where to begin. Fortunately, there are some steps you can start taking now to make tax preparation a lot easier down the road. Keep a Running Spreadsheet When you're self-employed, you're also responsible for calculating your own tax responsibilities because you don't technically have an employer to automatically deduct your taxes from your paycheck.
10 December 2020
Are you considering retirement but still have outstanding tax debt? Then now is the time to resolve it. Why is this so important now? Here are five of the most compelling reasons. 1. Retirement Withdrawals May Be Seized Generally, retirement accounts are not subject to seizure by the IRS or during bankruptcy. But once you begin to withdraw from these accounts, they become your income rather than a protected asset. This opens them to use by the IRS to pay outstanding debts, depending on your particular circumstances.
3 November 2020
Wealth management is about more than just making additional money. It's also about preserving it for the future. And one of the most important ways you can do this is to understand how timing affects your finances. Not sure what timing has to do with good management? Here are four key areas where it matters. 1. Tax Strategies Timing is a big deal for your income tax bill. Accelerating or deferring income and deductions allows you to spread these out for maximum savings.
28 September 2020
More homeowners are converting their single-family homes into multi-family homes to increase their value. With tax-advantaged vehicles like multi-family and single-family 1031 tax-delayed exchanges, you can increase your returns in both residential real estate markets. But which one is best differs among investors. Residential Real Estate Returns Whether you invest in a single-family or multi-family home, you first need to establish what sort of return you expect to realize. Real estate investors use a passive investment in the S&P 500 stock index as a benchmark.
8 September 2020
If you know that you need more time to handle a unique tax situation, you may be hoping to file for a tax extension. A tax extension gives you more time to file your taxes. Oftentimes, people use an extension to give themselves more time to locate important paperwork or to make sure that they've handled their taxes correctly before they file. Keep reading to better understand how tax extensions work so that you can decide if this is right for you.
16 July 2020